So, that’s us!
An Overview of Banking Egypt
Egypt as a country has a very stable banking system. The Egyptian banking system consists of 40 banks varying from commercial, non-commercial public and private. Cash is widely available in Egypt with ATM services being offered at all branches. In addition, you will find many ATMs at various locations across the country. About 40% of the banking sector is controlled by large public sector banks like The National Bank of Egypt, Bank Misr, and Banque Du Caire.The pound is the official currency of Egypt. It is divided into 100 piastres. The exchange rate to dollar works out at 1 USD to 18.7927 EGP, July 2022.
Setting up your first bank account in Egypt can be tricky, you’ll need to make sure you have the following documents:
A signed account opening form.
Copy of Valid ID (passport for Foreigners)
Valid resident permit for foreigners
Source of income certificate (HR letter for employees)
Copy of home rent or ownership contract
Minimum deposit (determined by the bank).
There are two main types of accounts you can open in Egypt, savings and current accounts. In order to set up an account, you'll firstly need to ensure you understand the bank's policies and requirements, as these may vary. Don’t forget to check the minimum deposits required too! Then you can simply walk into your preferred branch and start the process with an account manager. You will receive an account opening form which you must fill in and return.
Top Banks in Egypt:
Credit Agricole: A relatively new bank having only been established in 2006, Credit Agricole provides services related to retail, corporate, and investment banking. With its main location based in Cairo but it oversees 83 branches across the country.
Net income: EGP 1.37 billion (2020)
Total assets: EGP 54.7 billion (3/2021)
HSBC Bank Egypt: HSBC bank has been in business since 1982, it is a subsidiary of HSBC Holdings Plc. Now known as HSBC Bank Egypt S.A.E. having a name change in 2001 from the previous Egyptian British Bank. HSBC Bank Egypt works with small, medium, and large enterprises. Managing over 60 branches across the country.
Net income: EGP 5.71 billion (2019)
Total assets: EGP 105.4 billion (2019)
Bank of Alexandria: One of the oldest banks in Egypt, Bank of Alexandria was founded in 1957, it now acts as a subsidiary of Intesa Sanpaolo S.P.A. managing over 200 branches in Egypt.
Net income: EGP 2.49 billion (2020)
Total assets: EGP 103.9 billion (3/2021)
Qatar National Bank (QNB): Qatar National Bank was established in Egypt in 1978. The bank offers services through four segments – corporate, investments, individuals, and other businesses.QNB oversees a network of 231 branches and 450+ ATMs and 17,000+ POS machines across the country. It employs around 6,700 individuals and serves around 970,000 clients.
Net income: EGP 7.49 billion (2020)
Total assets: EGP 305.2 billion (3/2021)
Commercial International Bank: Set up in 1975, Commercial International Bank is one of the top private sector banks in Egypt. Its main services include retail, corporate, and investment banking. Headquartered in Giza, the bank is currently managing 180+ branches.
Net income: EGP 10.2 billion (2020)
Total assets: EGP 447.7 billion (3/2021)
National Bank of Egypt: Founded over a hundred years ago in 1898, the National Bank of Egypt is the oldest bank in Egypt. Offering retail, corporate, and investment banking solutions. Headquartered in Cairo with an astonishing 400+ branches.
Net income: EGP 20.21 billion (2019)
Total assets: EGP 1.6 trillion (2019)
How we can help!
Yallacompare is the leading financial comparison site in the Middle East. Allowing you to search and compare from the widest range of financial products. We work alongside Egypt’s leading banks and financial institutions to ensure we have the most accurate, up to date product information and access to promotions not otherwise available.
Credit cards in Egypt come with a wide range of benefits. You can choose the card with the right privileges for you as most banks provide cards specific to the customer's needs and expenses. Find the right credit card for you here!
Personal loans are available from most banks. Loans can be repaid to the bank in monthly instalments over a set period of time. If you're looking to take out a personal loan, you can compare rates right here.
Buying a new home? If you're looking to compare mortgage providers, you can do so right here.
Looking to get a new car, but can’t afford to buy it outright? Fear not, you can compare the best car loans with yallacompare. Car loans are a great way of getting the car you want right now, with the bank providing a lump sum of money into your account for you to purchase your car. There’s no waiting involved, the car is yours to drive, and you can pay the loan back through monthly payments (with interest) over time. But keep in mind, until the loan is fully repaid, the lender will have the rights to the car and can repossess it if you fail to make repayments.
SME stands for small and medium-sized enterprises. As you may imagine, SME financing then is simply the funding of these enterprises. This is a major service in the finance market. If you’re interested in SME financing we have a list of great banks you can contact for more information here.
Microfinance is a service provided by financial institutions for unemployed or low-income individuals/groups who otherwise could not avail of financial services. Microfinance is a great tool that allows people of low income to take on small business loans and aren’t inhibited by poor resources.